This fact is actually mentioned in the reading listed below. The source text is only available in the study kit. If you have the study kit, the syllabus reference is:
KPMG, “Research Report – Best Practices for Actuarial Involvement in the Regulatory Oversight of Property and Casualty Insurance Rates,” December 2012, pp. 21-31.
The corresponding wiki article is KPMG.RegOv. The part of the exam question about being able to use "File & Use" for "Other than PPA" is in the 4th paragraph on page 27 in the source text.
But something else to keep in mind is that FSCO's website is (presumably) up-to-date whereas this KPMG syllabus reading was published in December 2012. FSCO's policies do potentially change from year to year so the answer to this question could be out of date. Either that or the fact that "File and Use" can be used for "Other than PPA" is buried somehwere in the FSCO website and is hard to find. (There is a link to "Other than PPA filings" on FSCO's website but this is not on the exam syllabus.)
Hi Graham, one of the examples for file and use (BA card #18) is "FA is excluded (not eligible for expedited approval)". I understand FA is excluded from expedited approval but why exclusion of FA is an example for file and use?
The 3 policies in the BA card #18 are the examples for file and use. A better question would be, is FA excluded from BOTH expedited approval and file & use, or FA is just excluded from expedited approval, and is acceptable for File & Use?
I believe in the earlier prior approval battle card, it is mentioned that FA uses prior approval so I would say that they would not be able to proceed with file and use
Comments
This fact is actually mentioned in the reading listed below. The source text is only available in the study kit. If you have the study kit, the syllabus reference is:
The corresponding wiki article is KPMG.RegOv. The part of the exam question about being able to use "File & Use" for "Other than PPA" is in the 4th paragraph on page 27 in the source text.
But something else to keep in mind is that FSCO's website is (presumably) up-to-date whereas this KPMG syllabus reading was published in December 2012. FSCO's policies do potentially change from year to year so the answer to this question could be out of date. Either that or the fact that "File and Use" can be used for "Other than PPA" is buried somehwere in the FSCO website and is hard to find. (There is a link to "Other than PPA filings" on FSCO's website but this is not on the exam syllabus.)
Thanks Graham, it's a shame that FSCO/FSRA's site is so unclear about this!
Hi Graham, one of the examples for file and use (BA card #18) is "FA is excluded (not eligible for expedited approval)". I understand FA is excluded from expedited approval but why exclusion of FA is an example for file and use?
I think Graham is saying that the aforementioned 3 policies are eligible for expedited approval UNLESS they are written by the FA
The 3 policies in the BA card #18 are the examples for file and use. A better question would be, is FA excluded from BOTH expedited approval and file & use, or FA is just excluded from expedited approval, and is acceptable for File & Use?
I believe in the earlier prior approval battle card, it is mentioned that FA uses prior approval so I would say that they would not be able to proceed with file and use